GE Shipping Q1 net plunges 58% to Rs103 crore

Great Eastern Shipping Company on Thursday posted 58% decline in consolidated net profit at Rs103.56 crore for the quarter ended 30 June, 2017. The company had posted a net profit of Rs247.82 crore in the year-ago period, Great Eastern Shipping Company said in a BSE filing.

The total income during April-June quarter dropped to Rs857.43 crore as against Rs889.59 crore in the corresponding quarter a year ago. The firm’s consolidated revenue from the shipping segment rose to Rs588.41 crore from Rs478.93 crore in the year-ago period.

The revenue from the offshore segment however declined to Rs275.91 crore from Rs417.10 crore in the year-ago quarter. Its total expenses were at Rs715.78 crore as compared to Rs599.28 crore in June quarter last fiscal. The company has two main businesses - shipping and offshore.

The shipping business involves transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business gives service to oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India) Ltd. Shares of the company closed at Rs374.40 per scrip, down 3.11% on BSE.